Turmeric prices are likely to continue to rise despite an 80 percent increase over last year.

After a year-on-year increase of about 80 percent, turmeric prices are likely to rise amid lower production, with the crop expected to fall at least 20 percent this year, traders and analysts predict. “In general, prices are higher compared to the same period last year because the area is smaller. Prices have risen because stakeholders expect production to be low,” says Biplab Sarma, senior research analyst at AgriWatch. “Turmeric prices on NCDEX will rise more than 70 percent in 2023. Delay in sowing this kharif season, erratic monsoons and crop problems will push up turmeric prices amid strong export demand,” wrote Anu V Pai, commodities analyst at Geojit. Financial Services, a business line on the website discussing the 2024 Condiment Outlook.

Spot prices

“For example, the production in the Erode market is estimated to be 65-70 percent of last year. We hear that even in Nizamabad, production is 20-25 percent lower,” said Ankit Agarwal, director of Amar Agarwal Food India Pvt Ltd in Erode. Finger variety turmeric is now ₹ 11,504 a quintal, compared to ₹ 6,384 a year. Before NCDEX, polished turmeric spot prices in Nizamabad, Telangana at ₹ 13,943 In the futures market, the April contract closed at ₹ 15,540 on Wednesday. Turmeric prices have crossed ₹ 15,000 in the futures market alone, said RKV Ravishankar, president of the Erode Turmeric Society. “Prices have been fluctuating between ₹ 12,500 and ₹ 14,000 in the spot market. We are told that the crop is low this year, he said.

“NCDEX turmeric prices will increase more than 70 percent in 2023. The yellow spice touched a record high of ₹ 16,720 in August 2023,” Pai said.

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